Zoetis completes $2 billion acquisition of AbaxisAugust 1, 2018Zoetis Inc. announced on July 31 the completion of its acquisition of Abaxis, a developer, manufacturer, and marketer of diagnostic instruments for veterinary point-of-care services for approximately $2 billion. The acquisition, first announced on May 16, aims to enhance Zoetis' presence in veterinary diagnostics, a category of the animal health industry with approximately 10 percent compound annual growth over the last three years. "Abaxis, with its VetScan family of diagnostic instruments, brings Zoetis experienced colleagues and a proven, competitive platform for growth in diagnostics," said Juan Ramón Alaix, CEO of Zoetis. "By leveraging our global scale and direct customer relationships in approximately 45 countries, we can help Abaxis accelerate that growth in the U.S. and worldwide. Together, we can bring more veterinarian customers comprehensive solutions to predict, prevent, detect, and treat disease in animals." Zoetis executives will comment on the acquisition and provide updated financial guidance at the company's second quarter 2018 financial results webcast and conference call on Aug. 2 at 8:30 a.m. (ET). Investors and the public may access the live webcast by visiting the Zoetis website at http://investor.zoetis.com/events-presentations.
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Zoetis to buy Abaxis for $1.9 billionMay 16, 2018In an effort to gain a greater foothold in the veterinary diagnostics category, Zoetis veterinary drug corporation will acquire Abaxis diagnostic equipment manufacturer in a $1.9 billion deal, which was announced Wednesday. The acquisition is expected to close before the end of the year. According to MarketsandMarkets research firm, the worldwide veterinary diagnostics market is expected grow from $2.3 billion in 2017 to $3.6 billion in 2022. Zoetis, whose diagnostics business accounts for less than 1 percent of its overall annual revenue of $5.3 billion for 2017, seeks to leverage that expanding category. In a statement, the company reported it expects the sector to "continue to grow faster than the animal health industry, with growth in the mid to high single digits, driven by international adoption of point-of-care diagnostic instruments due to rising medicalization rates, increasing standard of veterinary care, and the convenience of in-clinic testing." Abaxis, headquartered in Union City, Calif., reported revenue of $227 million in 2017. The company manufactures chemistry and hematology diagnostic instruments and consumable discs, kits, and cartridges for the animal health industry. It recently launched its VetScan FLEX4 Rapid Test to detect heartworm, Lyme, Ehrlichia, and Anaplasma …
K-State research center cumulative gift reaches $1MApril 24, 2018The Kansas State University Center of Excellence for Vector-Borne Diseases, an interdisciplinary research center in the College of Veterinary Medicine, has received a $1 million cumulative gift ($250,000 for each of the last four years) from Abaxis to further its mission of combating vector-borne diseases with a focus on pathogenesis, surveillance, and disease prevention. The Center of Excellence for Vector-Borne Diseases is at the forefront of research on issues influenced by urban areas that continue their encroachment into animal habitats and can become unsuspecting starting points for vector-borne diseases, according to Ken Aron, chief technology officer at Abaxis. "We've identified several projects, including vaccine development to control canine infections with Ehrlichia species, Anaplasma species infections in dogs, and Rickettsia, the Rocky Mountain spotted fever disease agent, also in dogs," said Roman Ganta, Ph.D., professor of diagnostic medicine and pathobiology, and center director. Additionally, Ganta identified a project for developing axenic, or cell-free, media growth of Ehrlichia and Anaplasma species pathogens. The Abaxis gift also provided matching support for a K-State National Bio and Agro-defense Facility transition fund grant focused on vaccine development and a pathogenesis study to prevent heartwater, which is caused by Ehrlichia ruminantium. …
Abaxis gains USDA approval of VetScan FLEX4 Rapid TestJanuary 23, 2018Abaxis Inc., a diagnostics company manufacturing point-of-care instruments and consumables for the medical and veterinary markets worldwide, announced that the USDA, Center for Veterinary Biologics, approved its new VetScan FLEX4 Rapid Test for veterinary use. The FLEX4 is a 4-in-1 lateral flow test used for detecting heartworm antigen as well as antibodies for Lyme, Ehrlichia, and Anaplasma in canine whole blood, serum, or plasma samples. The VetScan FLEX4 Rapid Test offers improved shelf life, ease of use, room temperature storage, and price, as well as a 4-in-1 alternative for vector-borne disease testing on a single cassette, according to the company. Results are available within 8 to 10 minutes. The company plans to ship the FLEX4 to its distributors later this quarter; it should be available to U.S. veterinarians shortly thereafter. Abaxis said it will continue to sell the single test platform currently available for heartworm disease, Lyme disease, Ehrlichiosis, and anaplasmosis.
